August 13, 2022

Nationalization usually means state takeover of economically important natural resources, infrastructure and businesses such as energy production, heavy transport, major credit institutions, key industries and so on. The aim is to give the state control over economic enterprises. Nationalization can take place voluntarily or by force. Such nationalizations do not in themselves mean a socialist policy, but have often been part of the socialist parties' program in many countries. The thinking is that the commanding heights of the economy should be subject to democratic governance, and not market forces. The opposite of nationalization is privatization. The Norwegian verb for nationalization is to nationalize.